THE Board of Investments (BoI) is confident that this year’s P1.6-trillion investment target will be met given pledges in the pipeline.
Infrastructure and renewable energy projects, Trade Undersecretary and BoI managing head Ceferino Rodolfo told reporters on Wednesday, will drive this year’s result.
He pointed to an upcoming big-ticket infrastructure project and pledges under the green lane initiative and said that “we’re confident that we will breach the P1.6-trillion mark.”
Approved investment pledges reached a record-high P1.35 trillion as of mid-September, surging past the P741.98 billion recorded a year earlier and also exceeding the full-year 2023 tally of P1.26 trillion.
“[It’s] doesn’t mean it’s all because of [investment] promo[tions]. The most critical piece of the puzzle that led to that was the removal of equity restriction on foreign equity on RE (renewable energy) projects,” he said.
Filipino ownership requirements for RE projects were removed in late 2022, allowing for full foreign ownership of solar, wind, hydro and ocean or tidal energy projects.
The BoI, meanwhile, has certified 11 strategic projects worth P895.76 billion under Green Lane services in September, bringing the total approved projects to 126 worth P4.13 trillion.
The government’s investment approach, Rodolfo said, is hinged on five key principles: policy, programs and projects, partnerships, people and development, and promotion.
He also cited ongoing port developments for offshore wind projects and training programs for workers transitioning from traditional offshore drilling to renewable energy roles.
JANINE ALEXIS MIGUEL
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